In today's fast-paced condominium industry, efficiency is key. As a leading property management company, City Sites Property Management understands the challenges that condo corporations and communities face, from communication bottlenecks to financial management complexities.
We also know first-hand just how many tasks property managers and their team have on their plate every day, and the importance of spending time wisely when tackling that ever-expanding to-do list.
...and trust us when we say that the list really is never-ending!
That's why City Sites Property Management is here to spotlight the valuable insights from our President, Nicholas Chirametli, as shared in a previous blog post authored by Stratastic Inc.
With extensive experience in navigating the complexity of property management, Nicholas Chirametli, President of City Sites Property Management Inc., sheds light on the importance of leveraging technology to provide superior services to clients. After looking at how successful tech companies use technology and how it can change property management, it's clear that there are big chances to make things better and make clients happier - and this is an area that City Sites Property Management thrives in.
Here are 10 takeaways from Nicholas on technology’s growing role in condominium corporations and property management companies across Ontario:
1. Bridging Gaps with Technology: Nicholas highlighted that successful tech solutions bridge gaps and solve problems, a principle that can be applied to condominium management.
"The element they all have in common is that they bridge gaps, each doing something technologically unique in the way that it connects a business with a consumer and thereby solving problems for its users" - Nicholas Chirametli, President.
2. Common Reasons for Client Loss: Management companies often lose clients due to communication issues, property maintenance problems, and financial accounting discrepancies.
3. Communication Solutions: Technologies like BuildingLink and Condo Control Central can streamline communication, ensuring timely notices, service requests, and accurate information sharing between managers and owners.
4. Document Management Tools: Tools like DocuSign and SharePoint are recommended for efficient document management and sharing, ensuring timely and secure document processing.
5. Annual Property Planner: Utilizing an online annual property planner can streamline scheduling and reminders for maintenance and important documents, improving service reliability. SparcPay is commonly used for this.
"An online payment processing system means that cheques are not sent by the condominium corporations' property management to clients or to condo vendors, rather, clients (condominium Boards) are approving the cheques online and the funds are electronically sent straight to the vendor’s bank account” - Nicholas Chirametli, President (for Stratastic Inc.).
6. Electronic Payment Processing: Implementing electronic funds transfers can prevent check fraud, ensure faster payments, and reduce manual check handling, leading to time and cost savings.
7. Tech Selection Tips: When selecting new technology, ensure it solves a specific problem, is sustainable, and consider the learning curve and training provided by the platform.
"When you’re looking for technology, when you’re looking for a new product, there are a few tips that I’d like to give and try and help you with your search. The first is: does the technology actually solve the problem or is it in its infancy stage?" - Nicholas Chirametli, President (for Stratastic Inc.).
8. Team Involvement: Involve team members in identifying issues and selecting solutions to ensure the chosen technology effectively addresses their needs.
9. Hybrid Meetings: The future of condo meetings likely includes hybrid formats, combining in-person and virtual participation to ensure inclusivity and efficiency.
10. Digital Governance: Embracing digital tools for governance, such as electronic voting and virtual meetings, can streamline processes and adapt to evolving legislative changes.
These insights are crucial to every condo and property manager that’s overworked and considering how technology and software can help alleviate some of the pressure. While the article was from a session from The Condo Conference a few years ago, it’s all the more relevant now with the introduction of AI and the further features that can be leveraged by property management professionals.
Clearly, technology plays a large role in condominiums and their management, and City Sites Property Management is already effectively leveraging it within our client corporations.
Want to know more? Keep Reading >
- Nicholas Chirametli, City Sites Property Management Inc.
P.S. Are you running a condo that can benefit from a technological boost and top tier property management services? Contact us to submit a Request For Proposal now.
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